0001660134-19-000025.txt : 20191205 0001660134-19-000025.hdr.sgml : 20191205 20191205160809 ACCESSION NUMBER: 0001660134-19-000025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20191205 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191205 DATE AS OF CHANGE: 20191205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Okta, Inc. CENTRAL INDEX KEY: 0001660134 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 264175727 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38044 FILM NUMBER: 191270509 BUSINESS ADDRESS: STREET 1: 100 FIRST STREET STREET 2: SUITE 600 CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 888-722-7871 MAIL ADDRESS: STREET 1: 100 FIRST STREET STREET 2: SUITE 600 CITY: SAN FRANCISCO STATE: CA ZIP: 94105 8-K 1 okta-103120198k.htm 8-K Document
false0001660134 0001660134 2019-12-05 2019-12-05


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported)
December 5, 2019
___________________________________
Okta, Inc.
(Exact name of registrant as specified in its charter)
___________________________________
Delaware
001-38044
26-4175727
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification Number)

100 First Street, Suite 600
San Francisco, California 94105
(Address of principal executive offices)

(888) 722-7871
(Registrant's telephone number, including area code)

___________________________________

___________________________________
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Class A common stock, par value $0.0001 per share
 
OKTA
 
The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐





Item 2.02 - Results of Operations and Financial Condition
On December 5, 2019, Okta, Inc. issued a press release announcing its financial results for the fiscal quarter ended October 31, 2019.

A copy of the press release is attached as Exhibit 99.1.

The information furnished under this Item 2.02 and in the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filing.


Item 9.01 - Financial Statements and Exhibits
(d) Exhibits
 
Exhibit
Number
 
Description
99.1
 
 
 
 




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 5th day of December 2019.
 
 
 
 
 
 
Okta, Inc.
 
 
 
 
By:
/s/ William E. Losch
 
Name:
William E. Losch
 
Title:
Chief Financial Officer
 
 
 


 EX-99.1 2 okta-10312019ex991.htm EXHIBIT 99.1 Exhibit




Okta Announces Strong Third Quarter Financial Results
•
Q3 revenue grew 45% year-over-year; subscription revenue grew 48% year-over-year
•
Total remaining performance obligations, or subscription revenue backlog, surpasses $1 billion
•
The only identity company named a Leader in Zero Trust by Independent Research Firm

SAN FRANCISCO – December 5, 2019 – Okta, Inc. (NASDAQ: OKTA), the leading independent provider of identity for the enterprise, today announced financial results for its third quarter ended October 31, 2019.

"Our strong third quarter results reflect our expanding leadership position and the growing importance of identity," said Todd McKinnon, Chief Executive Officer and co-founder of Okta. "Industry leading growth in subscription revenue, remaining performance obligations, and billings were driven by strong execution and the continued secular tailwinds of increasing adoption of cloud applications, digital transformation as companies improve how they connect with their employees and customers, and deployment of zero trust security environments. Businesses of all sizes around the world are turning to Okta's cloud-based solutions for a modern, highly customizable identity platform that meets their business needs and security challenges. We've made great progress and continue to innovate to address this large and growing market opportunity."

Third Quarter Fiscal 2020 Financial Highlights:
•
Revenue: Total revenue was $153.0 million, an increase of 45% year-over-year. Subscription revenue was $144.5 million, an increase of 48% year-over-year.
•
Remaining Performance Obligations (RPO): Total RPO was $1.03 billion, an increase of 68% year-over-year. Current RPO, which is revenue expected to be recognized over the next 12 months, was $515.9 million, up 52% compared to the third quarter of fiscal 2019.
•
Calculated Billings: Total calculated billings were $175.6 million, an increase of 42% year-over-year.
•
Operating Loss: GAAP operating loss was $45.7 million, or 30% of total revenue, compared to $28.5 million, or 27% of total revenue, in the third quarter of fiscal 2019. Non-GAAP operating loss was $8.1 million, or 5% of total revenue, compared to $6.5 million, or 6% of total revenue, in the third quarter of fiscal 2019.
•
Net Loss: GAAP net loss was $63.5 million, compared to $29.5 million in the third quarter of fiscal 2019. GAAP net loss per share was $0.53, compared to $0.27 in the third quarter of fiscal 2019. Non-GAAP net loss was $8.1 million, compared to $3.9 million in the third quarter of fiscal 2019. Non-GAAP net loss per share was $0.07, compared to $0.04 in the third quarter of fiscal 2019.
•
Cash Flow: Net cash provided by operations was $10.6 million, or 7% of total revenue, compared to net cash used in operations of $6.4 million, or 6% of total revenue, in the third quarter of fiscal 2019. Free cash flow was $9.2 million, or 6% of total revenue, compared to $1.4 million, or 1% of total revenue, in the third quarter of fiscal 2019.
•
Cash, cash equivalents, and short-term investments were $1.37 billion.

1



The section titled "Non-GAAP Financial Measures" below contains a description of the non-GAAP financial measures and reconciliations between GAAP and non-GAAP information are contained in the tables below.
Financial Outlook:
For the fourth quarter of fiscal 2020, the company expects:
•
Total revenue of $155 million to $156 million, representing a growth rate of 34% to 35% year-over-year
•
Non-GAAP operating loss of $10.1 to $9.1 million
•
Non-GAAP net loss per share of $0.05 to $0.04, assuming weighted shares outstanding of approximately 122 million

For the full year fiscal 2020, the company now expects:
•
Total revenue of $574 million to $575 million, representing a growth rate of 44% year-over-year
•
Non-GAAP operating loss of $53.1 to $52.1 million
•
Non-GAAP net loss per share of $0.35 to $0.34, assuming weighted shares outstanding of approximately 117 million

These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
Okta has not reconciled its expectations as to non-GAAP operating loss and non-GAAP net loss per share to their most directly comparable GAAP measure because certain items are out of Okta’s control or cannot be reasonably predicted. Accordingly, a reconciliation for forward-looking non-GAAP operating loss and non-GAAP net loss per share is not available without unreasonable effort.

Named a Leader in Zero Trust:
Okta was recognized as a Leader in The Forrester WaveTM: Zero Trust eXtended Ecosystem Platform Providers, Q4 2019, a report published by Forrester Research, Inc. on October 29, 2019. In the Forrester report, Okta earned the highest possible scores across half of the criteria upon which it was evaluated including “network security,” “people/workforce security,” “automation and orchestration,” “manageability and usability,” “ZTX vision and strategy,” “ZTX advocacy,” “customers investing in portfolio,” and “portfolio growth rate.” 

Conference Call Information:
Okta will host a conference call and live webcast for analysts and investors at 2:00 p.m. Pacific Time on December 5, 2019. The news release with the financial results will be accessible from the Company’s website at investor.okta.com prior to the conference call. Interested parties can access the call by dialing (800) 458-4148 or (323) 794-2093 and using the passcode 7651253.

2


A live webcast of the conference call will be accessible from the Okta investor relations website at investor.okta.com.

Supplemental Financial and Other Information:
Supplemental financial and other information can be accessed through the Company’s investor relations website at investor.okta.com.

Non-GAAP Financial Measures:
This press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, non-GAAP net loss per share, free cash flow, current calculated billings and calculated billings. Certain of these non-GAAP financial measures exclude stock-based compensation, amortization of debt discount, charitable contributions, amortization of intangible assets, acquisition-related expenses and loss on early extinguishment of debt, net of debt issuance costs.
Okta believes that non-GAAP financial information, when taken collectively with GAAP financial measures, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies.
The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by the Company's management about which expenses and income are excluded or included in determining these non-GAAP financial measures. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP.
Okta encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business. Please see the reconciliation tables at the end of this release for the reconciliation of GAAP and non-GAAP results.

Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook, product development, business strategy and plans and market trends, opportunities and positioning. These forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate,"

3


"potential," "predict," "may," "will," "might," "could," "intend," "shall" and variations of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. For example, the market for our products may develop more slowly than expected or than it has in the past; our operating results may fluctuate more than expected; there may be significant fluctuations in our results of operations and cash flows related to our revenue recognition or otherwise; a network or data security incident that allows unauthorized access to our network or data or our customers’ data could damage our reputation; we could experience interruptions or performance problems associated with our technology, including a service outage; we may not be able to pay off our convertible senior notes when due; and global economic conditions could deteriorate. Further information on potential factors that could affect our financial results is included in our most recent Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission. The forward-looking statements included in this press release represent our views only as of the date of this press release and we assume no obligation and do not intend to update these forward-looking statements.

About Okta
Okta is the leading independent provider of identity for the enterprise. The Okta Identity Cloud enables organizations to securely connect the right people to the right technologies at the right time. With over 6,500 pre-built integrations to applications and infrastructure providers, Okta customers can easily and securely use the best technologies for their business. Over 7,400 organizations, including 20th Century Fox, JetBlue, Nordstrom, Slack, Teach for America and Twilio, trust Okta to help protect the identities of their workforces and customers.

Investor Contact:    
Dave Gennarelli
investor@okta.com
415-699-0143

Media Contact:
Jenna Kozel
press@okta.com
415-418-9600

4


OKTA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
 
Three Months Ended
October 31,
 
Nine Months Ended
October 31,
 
2019
 
2018
 
2019
 
2018
Revenue:
 
 
 
 
 
 
 
Subscription
$
144,517

 
$
97,698

 
$
394,174

 
$
262,393

Professional services and other
8,520

 
7,878

 
24,566

 
21,390

Total revenue
153,037

 
105,576

 
418,740

 
283,783

Cost of revenue:
 
 
 
 
 
 
 
Subscription  (1)
30,124

 
20,265

 
82,581

 
55,808

Professional services and other  (1)
10,700

 
9,435

 
32,118

 
26,227

Total cost of revenue
40,824

 
29,700

 
114,699

 
82,035

Gross profit
112,213

 
75,876

 
304,041

 
201,748

Operating expenses:
 

 
 

 
 
 
 
Research and development  (1)
41,832

 
27,596

 
115,909

 
72,354

Sales and marketing  (1)
87,224

 
56,911

 
247,721

 
165,408

General and administrative  (1)
28,887

 
19,848

 
81,540

 
55,873

Total operating expenses
157,943

 
104,355

 
445,170

 
293,635

Operating loss
(45,730
)
 
(28,479
)
 
(141,129
)
 
(91,887
)
Interest expense
(7,826
)
 
(4,118
)
 
(16,371
)
 
(10,893
)
Other income, net
4,982

 
2,413

 
11,346

 
6,211

Loss on early extinguishment of debt
(14,572
)
 
—

 
(14,572
)
 
—

Interest expense and other income, net
(17,416
)
 
(1,705
)
 
(19,597
)
 
(4,682
)
Loss before provision for (benefit from) income taxes
(63,146
)
 
(30,184
)
 
(160,726
)
 
(96,569
)
Provision for (benefit from) income taxes
349

 
(667
)
 
(2,285
)
 
(1,883
)
Net loss
$
(63,495
)
 
$
(29,517
)
 
$
(158,441
)
 
$
(94,686
)
 
 

 
 

 
 
 
 
Net loss per share, basic and diluted
$
(0.53
)
 
$
(0.27
)
 
$
(1.37
)
 
$
(0.89
)
 
 

 
 

 
 
 
 
Weighted-average shares used to compute net loss per share, basic and diluted
118,976

 
108,776

 
115,598

 
106,587


(1) 
Amounts include share-based compensation expense as follows (in thousands):

 
Three Months Ended
October 31,
 
Nine Months Ended
October 31,
 
2019
 
2018
 
2019
 
2018
Cost of subscription revenue
$
3,604

 
$
2,383

 
$
9,137

 
$
5,813

Cost of professional services and other revenue
1,900

 
1,305

 
5,292

 
3,277

Research and development
10,894

 
6,291

 
26,322

 
15,776

Sales and marketing
10,937

 
6,228

 
26,959

 
15,852

General and administrative
8,400

 
5,335

 
21,984

 
13,181

Total share-based compensation expense
$
35,735

 
$
21,542

 
$
89,694

 
$
53,899


5


OKTA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
 
 
October 31,
2019
 
January 31,
2019
 
 
 
 
As Adjusted (1)
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
1,039,626

 
$
298,394

Short-term investments
 
326,629

 
265,374

Accounts receivable, net of allowances
 
101,778

 
91,926

Deferred commissions
 
29,544

 
24,185

Prepaid expenses and other current assets
 
29,023

 
28,237

Total current assets
 
1,526,600

 
708,116

Property and equipment, net
 
51,730

 
52,921

Operating lease right-of-use assets
 
126,746

 
121,389

Deferred commissions, noncurrent
 
65,466

 
54,812

Intangible assets, net
 
33,826

 
13,897

Goodwill
 
47,964

 
18,089

Other assets
 
18,445

 
15,089

Total assets
 
$
1,870,777

 
$
984,313

Liabilities and stockholders' equity
 
 

 
 
Current liabilities:
 
 

 
 
Accounts payable
 
$
4,924

 
$
2,431

Accrued expenses and other current liabilities
 
33,288

 
33,653

Accrued compensation
 
34,212

 
19,770

2023 Convertible senior notes, net
 
99,227

 
271,628

Deferred revenue
 
306,743

 
245,622

Total current liabilities
 
478,394

 
573,104

2025 Convertible senior notes, net
 
828,237

 
—

Operating lease liabilities, noncurrent
 
153,960

 
147,046

Deferred revenue, noncurrent
 
7,013

 
8,768

Other liabilities, noncurrent
 
4,779

 
3,018

Total liabilities
 
1,472,383

 
731,936

 
 
 

 
 
Stockholders’ equity:
 
 
 
 
Preferred stock
 
—

 
—

Class A common stock
 
11

 
10

Class B common stock
 
1

 
1

Additional paid-in capital
 
1,048,899

 
744,896

Accumulated other comprehensive income (loss)
 
135

 
(319
)
Accumulated deficit
 
(650,652
)
 
(492,211
)
Total stockholders’ equity
 
398,394

 
252,377

Total liabilities and stockholders' equity
 
$
1,870,777

 
$
984,313

(1) 
The condensed consolidated balance sheet for the prior period has been adjusted to reflect the adoption of ASC 842.

6


OKTA, INC.
SUMMARY OF CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
 
Nine Months Ended October 31,
 
2019
 
2018
 
 
As Adjusted (1)
Cash flows from operating activities:
 
 
 
Net loss
$
(158,441
)
 
$
(94,686
)
Adjustments to reconcile net loss to net cash provided by operating activities:
 
 
 
Stock-based compensation
89,691

 
53,899

Depreciation, amortization and accretion
12,336

 
5,824

Amortization of debt discount and issuance costs
15,653

 
10,315

Amortization of deferred commissions
20,541

 
14,963

Deferred income taxes
(3,069
)
 
(2,269
)
Non-cash charitable contributions
1,162

 
1,008

Loss on early extinguishment of debt
14,572

 
—

Other
84

 
153

Changes in operating assets and liabilities:
 
 
 
Accounts receivable
(9,393
)
 
(17,539
)
Deferred commissions
(36,641
)
 
(25,907
)
Prepaid expenses and other assets
(1,518
)
 
(2,822
)
Operating lease right-of-use assets
7,851

 
12,209

Accounts payable
1,962

 
(334
)
Accrued compensation
17,352

 
7,973

Accrued expenses and other liabilities
4,017

 
1,859

Operating lease liabilities
(4,128
)
 
(5,614
)
Deferred revenue
58,737

 
46,036

Net cash provided by operating activities
30,768

 
5,068

Cash flows from investing activities:
 
 
 
Capitalization of internal-use software costs
(2,659
)
 
(2,329
)
Purchases of property and equipment
(9,980
)
 
(14,253
)
Purchases of securities available for sale and other
(321,462
)
 
(478,138
)
Proceeds from maturities of securities available for sale
244,393

 
219,650

Proceeds from sales of securities available for sale and other
17,329

 
12,470

Purchases of intangible assets
(8,500
)
 
—

Payments for business acquisition, net of cash acquired
(44,223
)
 
(15,616
)
Net cash used in investing activities
(125,102
)
 
(278,216
)
Cash flows from financing activities:
 
 
 
Proceeds from issuance of convertible senior notes, net of issuance costs
1,040,760

 
334,980

Payments for repurchases of 2023 convertible senior notes
(224,414
)
 
—

Purchases of hedges related to 2023 convertible senior notes
—

 
(80,040
)
Proceeds from hedges related to 2023 convertible senior notes
405,851

 
—

Proceeds from issuance of warrants related to 2023 convertible senior notes
—

 
52,440

Payments for warrants related to 2023 convertible senior notes
(358,622
)
 
—

Purchases of capped calls related to 2025 convertible senior notes
(74,094
)
 
—

Proceeds from stock option exercises, net of repurchases
36,371

 
28,524

Proceeds from shares issued in connection with employee stock purchase plan
9,005

 
6,654

Other, net
(126
)
 
(206
)
Net cash provided by financing activities
834,731

 
342,352

Effects of changes in foreign currency exchange rates on cash, cash equivalents and restricted cash
(241
)
 
(990
)
Net increase in cash, cash equivalents and restricted cash
740,156

 
68,214

Cash, cash equivalents and restricted cash at beginning of period
311,215

 
136,233

Cash, cash equivalents and restricted cash at end of period
$
1,051,371

 
$
204,447

(1) 
The condensed consolidated statement of cash flows for the prior period has been adjusted to reflect the adoption of ASC 842.

7



OKTA, INC.
Reconciliation of GAAP to Non-GAAP Data
(In thousands, except percentages and per share data)
(unaudited)
 
 
Three Months Ended October 31, 2019
 
 
GAAP
 
Stock-based compensation
 
Charitable contributions
 
Amortization of acquired intangibles
 
Amortization of debt discount
 
Loss on early extinguishment of
debt (2)
 
Non-GAAP
Cost of revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of subscription services
 
$
30,124

 
$
(3,604
)
 
$
—

 
$
(1,347
)
 
$
—

 
$
—

 
$
25,173

Cost of professional services
 
10,700

 
(1,900
)
 
—

 
—

 
—

 
—

 
8,800

Gross profit
 
112,213

 
5,504

 
—

 
1,347

 
—

 
—

 
119,064

Gross margin
 
73.3
 %
 
3.6
%
 
—

 
0.9
%
 
—

 
—

 
77.8
 %
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
41,832

 
(10,894
)
 
—

 
—

 
—

 
—

 
30,938

Sales and marketing
 
87,224

 
(10,937
)
 
—

 
—

 
—

 
—

 
76,287

General and administrative
 
28,887

 
(8,400
)
 
(510
)
 
—

 
—

 
—

 
19,977

Operating loss
 
(45,730
)
 
35,735

 
510

 
1,347

 
—

 
—

 
(8,138
)
Operating margin
 
(29.9
)%
 
23.4
%
 
0.3
%
 
0.9
%
 
—

 
—

 
(5.3
)%
Interest expense and other Income, net
 
(17,416
)
 
—

 
—

 
—

 
7,052

 
10,794

 
430

Net loss
 
$
(63,495
)
 
$
35,735

 
$
510

 
$
1,347

 
$
7,052

 
$
10,794

 
$
(8,057
)
Net loss per share (1)
 
$
(0.53
)
 
$
0.30

 
$
—

 
$
0.01

 
$
0.06

 
$
0.09

 
$
(0.07
)

(1)
GAAP and Non-GAAP net loss per share calculated based upon 118,976 basic and diluted weighted-average shares of common stock.
(2) 
Excludes debt issuance costs.
 
 
Three Months Ended October 31, 2018
 
 
GAAP
 
Stock-based compensation
 
Amortization of acquired intangibles
 
Amortization of debt discount
 
Non-GAAP
Cost of revenue:
 
 
 
 
 
 
 
 
 
 
Cost of subscription services
 
$
20,265

 
$
(2,383
)
 
$
(449
)
 
$
—

 
$
17,433

Cost of professional services
 
9,435

 
(1,305
)
 
—

 
—

 
8,130

Gross profit
 
75,876

 
3,688

 
449

 
—

 
80,013

Gross margin
 
71.9
 %
 
3.4
%
 
0.5
%
 
—

 
75.8
 %
Operating expenses:
 
 
 
 
 
 
 
 
 
 
Research and development
 
27,596

 
(6,291
)
 
—

 
—

 
21,305

Sales and marketing
 
56,911

 
(6,228
)
 
—

 
—

 
50,683

General and administrative
 
19,848

 
(5,335
)
 
—

 
—

 
14,513

Operating loss
 
(28,479
)
 
21,542

 
449

 
—

 
(6,488
)
Operating margin
 
(27.0
)%
 
20.5
%
 
0.4
%
 
—

 
(6.1
)%
Interest expense and other Income, net
 
(1,705
)
 
—

 
—

 
3,604

 
1,899

Net loss
 
$
(29,517
)
 
$
21,542

 
$
449

 
$
3,604

 
$
(3,922
)
Net loss per share (1)
 
$
(0.27
)
 
$
0.20

 
$
—

 
$
0.03

 
$
(0.04
)

(1) 
GAAP and Non-GAAP net loss per share calculated based upon 108,776 basic and diluted weighted-average shares of common stock.

8


OKTA, INC.
Reconciliation of GAAP to Non-GAAP Data
(In thousands, except percentages and per share data)
(unaudited)
 
 
Nine Months Ended October 31, 2019
 
 
GAAP
 
Stock-based compensation
 
Charitable contributions
 
Amortization of acquired intangibles
 
Amortization of debt discount
 
Acquisition- related expenses
 
Loss on early extinguishment of
debt (2)
 
Non-GAAP
Cost of revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of subscription services
 
$
82,581

 
$
(9,137
)
 
$
—

 
$
(3,895
)
 
$
—

 
$
—

 
$
—

 
$
69,549

Cost of professional services
 
32,118

 
(5,292
)
 
—

 
—

 
—

 
—

 
—

 
26,826

Gross profit
 
304,041

 
14,429

 
—

 
3,895

 
—

 
—

 
—

 
322,365

Gross margin
 
72.6
 %
 
3.4
%
 
—

 
0.9
%
 
—

 
—

 
—

 
77.0
 %
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
115,909

 
(26,322
)
 
—

 
—

 
—

 
—

 
—

 
89,587

Sales and marketing
 
247,721

 
(26,959
)
 
—

 
—

 
—

 
—

 
—

 
220,762

General and administrative
 
81,540

 
(21,984
)
 
(1,162
)
 
—

 
—

 
(3,449
)
 
—

 
54,945

Operating loss
 
(141,129
)
 
89,694

 
1,162

 
3,895

 
—

 
3,449

 
—

 
(42,929
)
Operating margin
 
(33.7
)%
 
21.4
%
 
0.3
%
 
0.9
%
 
—

 
0.8
%
 
—

 
(10.3
)%
Interest expense and other Income, net
 
(19,597
)
 
—

 
—

 
—

 
14,517

 
—

 
10,794

 
5,714

Net loss
 
$
(158,441
)
 
$
89,694

 
$
1,162

 
$
3,895

 
$
14,517

 
$
3,449

 
10,794

 
$
(34,930
)
Net loss per share (1)
 
$
(1.37
)
 
$
0.78

 
$
0.01

 
$
0.03

 
$
0.13

 
$
0.03

 
$
0.09

 
$
(0.30
)

(1) 
GAAP and Non-GAAP net loss per share calculated based upon 115,598 basic and diluted weighted-average shares of common stock.
(2) 
Excludes debt issuance costs.

 
 
Nine Months Ended October 31, 2018
 
 
GAAP
 
Stock-based compensation
 
Charitable contributions
 
Amortization of acquired intangibles
 
Amortization of debt discount
 
Non-GAAP
Cost of revenue:
 
 
 
 
 
 
 
 
 
 
 
 
Cost of subscription services
 
$
55,808

 
$
(5,813
)
 
$
—

 
$
(449
)
 
$
—

 
$
49,546

Cost of professional services
 
26,227

 
(3,277
)
 
—

 
—

 
—

 
22,950

Gross profit
 
201,748

 
9,090

 
—

 
449

 
—

 
211,287

Gross margin
 
71.1
 %
 
3.2
%
 
—

 
0.2
%
 
—

 
74.5
 %
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
72,354

 
(15,776
)
 
—

 
—

 
—

 
56,578

Sales and marketing
 
165,408

 
(15,852
)
 
—

 
—

 
—

 
149,556

General and administrative
 
55,873

 
(13,181
)
 
(1,008
)
 
—

 
—

 
41,684

Operating loss
 
(91,887
)
 
53,899

 
1,008

 
449

 
—

 
(36,531
)
Operating margin
 
(32.4
)%
 
18.9
%
 
0.4
%
 
0.2
%
 
—

 
(12.9
)%
Interest expense and other Income, net
 
(4,682
)
 
—

 
—

 
—

 
9,539

 
4,857

Net loss
 
$
(94,686
)
 
$
53,899

 
$
1,008

 
$
449

 
$
9,539

 
$
(29,791
)
Net loss per share (1)
 
$
(0.89
)
 
$
0.51

 
$
0.01

 
$
—

 
$
0.09

 
$
(0.28
)

(1)
GAAP and Non-GAAP net loss per share calculated based upon 106,587 basic and diluted weighted-average shares of common stock.


9



OKTA, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(dollars in thousands)
(unaudited)

Free Cash Flow
 
 
 
 
 
 
 
 
Three Months Ended
October 31,
 
Nine Months Ended
October 31,
 
2019
 
2018
 
2019
 
2018
Net cash provided by (used in) operating activities
$
10,640

 
$
6,439

 
$
30,768

 
$
5,068

Less:
 
 
 
 
 
 
 
Purchases of property and equipment
(63
)
 
(4,463
)
 
(9,980
)
 
(14,253
)
Capitalization of internal-use software costs
(1,329
)
 
(604
)
 
(2,659
)
 
(2,329
)
Free cash flow
$
9,248

 
$
1,372

 
$
18,129

 
$
(11,514
)
Net cash provided by (used in) investing activities
$
22,888

 
$
(10,545
)
 
$
(125,102
)
 
$
(278,216
)
Net cash provided by financing activities
$
798,399

 
$
7,469

 
$
834,731

 
$
342,352

Free cash flow margin
6.0%

 
1.3%

 
4.3%

 
(4.1)%


Calculated Billings
 
 
 
 
 
 
 
 
Three Months Ended
October 31,
 
Nine Months Ended
October 31,
 
2019
 
2018
 
2019
 
2018
Total revenue
$
153,037

 
$
105,576

 
$
418,740

 
$
283,783

Add:
 
 
 
 
 
 
 
Unbilled receivables, current (beginning of period)
1,004

 
818

 
1,457

 
809

Deferred revenue, current (end of period)
306,743

 
206,146

 
306,743

 
206,146

Less:
 
 
 
 
 
 
 
Unbilled receivables, current (end of period)
(1,028
)
 
(1,581
)
 
(1,028
)
 
(1,581
)
Deferred revenue, current (beginning of period)
(283,724
)
 
(186,427
)
 
(245,622
)
 
(159,816
)
Current calculated billings
176,032

 
124,532

 
480,290

 
329,341

Add:
 
 
 
 
 
 
 
Deferred revenue, noncurrent (end of period)
7,013

 
4,977

 
7,013

 
4,977

Less:
 
 
 
 
 
 
 
Deferred revenue, noncurrent (beginning of period)
(7,469
)
 
(5,471
)
 
(8,768
)
 
(4,963
)
Calculated billings
$
175,576

 
$
124,038

 
$
478,535

 
$
329,355



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Cover Page
Dec. 05, 2019
Cover page.  
Document Type 8-K
Document Period End Date Dec. 05, 2019
Entity Registrant Name Okta, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-38044
Entity Tax Identification Number 26-4175727
Entity Address, Address Line One 100 First Street, Suite 600
Entity Address, City or Town San Francisco
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94105
City Area Code 888
Local Phone Number 722-7871
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A common stock, par value $0.0001 per share
Trading Symbol OKTA
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001660134
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